Investing in Our Neighbors

This
week we designated 120 Economic Opportunity Zones (EOZ) in Wisconsin across 44
counties in both rural and urban areas. This is part of the Economic
Opportunity Zones Program, a community development tax incentive program
created by the federal government as a result of the 2017 federal Tax Cuts and
Jobs Act.

The
creation of the Economic Opportunity Zones Program is meant to help businesses
and distressed communities. EOZ’s offer private investors the ability to invest
in communities with reduced tax liability. This will benefit both residents in
the zone by increasing investments and the investors by providing tax free
investment opportunities. This is a win-win for Wisconsin.

Our
recommendations were created with the help of public input, an interagency
working group with WHEDA, WEDC, DOA, and DCF, and an independent analysis
conducted by a nationally respected consulting firm. We believe our designation
will help our state and our communities.

We look forward to the U.S. Department of
Treasury officially designating these areas. Their designations represent ten
years of potential investment in these communities.